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Affordable Housing Analysis in Zip Code 13031: LIHTC Impact in Fairmount, New York
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 13031, located in Fairmount, New York, has a population of 16,022 as of 2022. This zip code contains 63 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, with 53 designated as low-income units. The LIHTC units represent approximately 1.03% of the estimated 6,139 total housing units in this zip code.
The LIHTC program has invested $304,969 in tax credits for affordable housing projects in zip code 13031. This equates to an average federal funding of $4,841 per unit. This zip code accounts for 1% of the total LIHTC funding allocated to New York state.
Affordable housing has been present in this community for nearly three decades. The first LIHTC project, Union Free School Residential Conversion, was completed in 1993, and the most recent, Connelly Acres Apts, was finished in 2006. The 1990s experienced the highest level of affordable housing development activity in this zip code.
The affordable housing inventory in zip code 13031 comprises various unit types. There is 1 efficiency unit, 26 one-bedroom units, 15 two-bedroom units, and 2 three-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
The population in zip code 13031 has shown moderate fluctuations over the past decade, increasing slightly from 15,561 in 2014 to 16,022 in 2022. The median income has grown significantly, rising from $79,058 in 2014 to $83,651 in 2022, with a peak of $93,157 in 2021. This upward trend in income may explain the absence of new LIHTC projects in recent years, as the overall economic situation of residents may have improved.
The racial composition of zip code 13031 has remained relatively stable, with a predominantly white population (92% in 2022). There has been a slight increase in diversity, with the percentage of residents identifying as two or more races growing from 1% in 2014 to 3% in 2022.
Zip code 13031 in Fairmount, New York, has a small but established affordable housing presence through the LIHTC program. While the 63 LIHTC-funded units represent only about 1% of the estimated housing stock, they provide important low-income housing options. The area has experienced significant income growth in recent years, which may have influenced the lack of new LIHTC developments since 2006. The stable racial demographics and moderate population growth indicate a community that has maintained its character while experiencing economic improvements. These factors provide context for the current state of affordable housing in zip code 13031.
